As per local reports from Pakistan, Imran Khan led Pakistan government breaks all previous records by accumulating a public debt of PKR 7.5 lakh crore in its first year in power. According to Geo News, Pakistan’s foreign debt amid August 2018 to August 2019 amounts to PKR 2.8 lakh crore and loan taken from domestic institutions stood at a firm figure of PKR 4.7 lakh crore. As per the figures shared by the State Bank of Pakistan, by the end of June 2019 the total public debt was a whopping PKR 31.786 lakh crore.
For Pakistan, the bad news doesn’t end there, the government has projected that in the next 5 years the public debt will increase to PKR 45.57 lakh crore. In April 2019, Asad Umar, Pakistan’s Finance Minister said nation’s basic debts have already reached above stress levels and the country is close to getting bankrupt. Pakistan’s first quarter’s tax collection was PKR 96,000 crores whereas the target set was PKR 1 lakh crore according to the reports. Pakistani PM Imran Khan has been seen visiting several countries this past year pursuing monetary help for Islamabad’s puffed economic crises. As per the data shared by the State Bank of Pakistan, in the initial two months of this fiscal year a surge of 1.43% was seen in public debt of Pakistan.